The buzz is that Dan Finnerty, the next in a line of Big Board specialists to go on trial, may point some fingers if called to testify. That's mere talk at this point. He may not need extraordinary tactics; so far, half the defendants to stand trial have been found not guilty. But such a move would certainly enliven a string of trials that have proven prosaic. The question is whether top executives at specialist firms and the New York Stock Exchange tacitly condoned front-running tactics, as a way to pump up volume. Finnerty's lawyer has taken a look at NYSE policy and whether then-Chairman Dick Grasso's compensation was at least partly linked to trading volume.
For more on the trial:
- Here's an article from the New York Post